During the given week, ex-China rebar offer prices have edged down and, even though futures prices in the local market have risen lately, overall market conditions have not been very bright. Buyers from Singapore have been ready to accept $600/mt CFR at the highest, SteelOrbis has learned from the market.
Offer prices of ex-Malaysia rebar have been heard at $600-620/mt CFR Singapore, theoretical weight, depending on the seller, while buyers wanted to buy at $20-30/mt lower. Also, Turkey can offer at $630/mt CFR Singapore on theoretical weight basis.
Ex-China rebar offer prices from mills have been heard at $630-650/mt FOB, for September shipment, down by $10/mt on average compared to July 22.
“Steelmakers’ outputs of rebar have decreased, resulting in the declining inventory levels and bolstering the rebar market. But demand from downstream users has remained slack, though output is expected to rise in the coming period,” an international trader said.
Average rebar spot prices in China have gained RMB 163/mt ($24/mt) compared to July 22, standing at RMB 4,113/mt ($610/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 29, rebar futures at the Shanghai Future Exchange are standing at RMB 3,996/mt ($593/mt), rising by RMB 133/mt ($20/mt) or 3.4 percent since July 22.
$1 = RMB 6.744